Jun. 2023 Volume 2 Issue 5
Welcome to zCloak Network’s Monthly Update for June. Last month, the zCloak team achieved great success in event launching, product rebuilding, and AMA holding. Let’s briefly go through all of them. FYI, this series of monthly newsletters are dedicated to keeping our community members up to date, so please follow us and stay tuned for more information!
Product and Technology
zk-SBT Product online
Following the deployment of the zCloak zk-SBT contract in the OP testnet in May, we have expanded the deployment to the BASE and Linea testnet. Partnered with Chaintool.ai, the first large-scale community test of zk-SBT has begun. zCloak Network has designed and deployed the full flow for users to do a KYC, get the KYC result as a verifiable credential, perform a local zk computation in their wallet using our zkVM, and mint a zk-SBT in the network they choose. This marks a major milestone in the zCloak tech stack as we are finally delivering on-chain privacy-preserving identity infrastructure for everyone.
The zCloak zk-SBT is not only visible in normal NFT-compatible scenarios such as Opensea or a crypto wallet, it is also interoperable with any smart contract in the same blockchain. It will function as a major entrance for permissioned blockchain applications later when more regulations become clear for the crypto space.
zCloak Metamask Snap
Metamask Snap is a way to add customized functionality into the most-used Web3 wallet. zCloak Network has experimented with this tech and added all the functions of the zkID wallet including DID, VC storage and signature generation using several cryptographic schemes to snap. Most noticeable is the use of our zkVM directly within Metamask. This gives Metamask the capability to perform general purpose ZK computation at client side. The production version of the zCloak Snap will be released in Q3 this year when ConsenSys formally launches the snap function in Metamask.
Valid Sign Updates
In order to provide users with a smoother verification experience, the zCloak team updated the Valid Sign function with a short verification link. Users can simply click on the short link attached to the message to automatically jump to the Valid ID signature verify interface and view the verification results. Besides, users can choose whether or not to generate this short link when signing the message, and whether or not to make the signature content public.
On-chain KYC Event
On Jun 1, zCloak Network and Chaintool worked together to launch an on-chain KYC zk-SBT event publicly. The event is open for an unlimited period of time. The first phase of it is based on the Optimism testnet environment, so the whole KYC process does not require any real user information. zCloak’s KYC zk-SBT product strictly practices the concept of data self-sovereignty. The user’s KYC data will be stored in the form of verifiable credentials on the user’s local device. Based on the wallet’s built-in zk-STARK VM, users can locally run any zkProgram for proving the relevant attributes of their KYC data, thus enabling the KYC identity proving process to be privacy-preserving. The zero-knowledge proof results can be published as zk-SBT on any EVM-compatible network for on-chain contracts to query. The product practice shows that the user’s local ZKP computation can be completed in just a few seconds.
Cyberport Web3 Campus Event
On Jun 19, Cyberport organized the first Web3 Connect on campus to strengthen the connection and cultivate exchange within the HK Web3 community. Jacky, Business Growth Manager of zCloak Network, presented as a speaker to share our exploration and ideas of identity and Web3’s trust issues. During the presentation, Jacky introduced the background of Web3 trust issues and traditional IT solutions, which are not perfectly suitable for the Web3 world. Then he mentioned about zCloak’s solution to the problem of Web3 trust — Valid ID platform, an organizational identity solution. This could be the starting point of RWI and creating a Web of Trust.
World’s First Web3 Anti-Fraud/Phishing Movement
On Jun 27, zCloak Network launched the “World’s First Web3 Anti-Fraud/Phishing Movement”, till the end of June, there are 6 projects participating in this movement and over 2,600 users took part in it. The main purpose is to raise users’ awareness of on-chain phishing scams and put an end to them while hackers recklessly defraud users of their assets. The new version of Valid Sign provided strong technical support for this event. The movement will last 1 month. Participants have the chance to win a raffle from the prize pool.
On Jun 30, the second round of the movement officially launched, and 6 more projects joined and participated. There will be an estimation of 5,000 users joining the event in total.
Link to the first round: https://galxe.com/zcloaknetwork/campaign/GCPPUUWVoG
Link to the second round: https://galxe.com/zcloaknetwork/campaign/GCHkNUWb8a
zCloak: How does RWI Aid DeFi Projects to develop?
On Jun 3, zCloak Network organized an AMA with the topic of “How does RWI aid DeFi projects to develop?”, representatives from dForce, zCloak Network, and Chaintool presented as speakers.
w3tester shared his idea on DeFi projects’ current development status, which is still relatively limited compared with traditional finance businesses, especially for the on-chain lending business, and RWI can help to build the web3 original credit system in the form of verifiable credentials. He also mentioned that the newly-launched on-chain KYC event is the first step to using real-world identity in Web3. And zk-SBT can be the perfect way to balance privacy protection and information disclosure. Finally, Mindao Yang, the founder of dForce mentioned that RWI is already hidden in the exchange layer, and everyone’s identity information is already exposed to some extent, but it does not affect the operation of DeFi protocols at the permissionless level.
Link for you to visit: https://twitter.com/zCloakNetwork/status/1664964893605339137